Domestic exports to EU likely to surmount

08 Jan '08

2 min read

Vietnam's export to the European Union (EU) is likely to reach US $10.4 billion in 2008 which will account for a rise of 23.5 percent.

The prediction is made by the Ministry of Industry and Trade (MoIT) who also specifies that textile and footwear products would certainly show a positive trend this year.

Footwear in particular is likely to be Vietnam's major foreign currency earner, estimated to procure $2.7 billion. EU has maintained itself on the position of being the second largest consumer of Vietnamese footwear products taking up nearly $2.1 billion worth of footwear in 2007.

This amounted to about 7.2 percent of EU's total import. In the recent years, the region has been importing $29 billion worth footwear.

However, experts also believe that the removal of US quota on Chinese textile and garment exports is bound to have an adverse impact on the local industry which may bring home about $1.65 billion in the coming fiscal year.

MoIT has suggested that in order to capture the potential market of EU, it will be important to have a strong influence in countries like Germany, the UK, France, the Netherlands, Belgium, the Czech Republic, Hungary and Poland.

Vietnam earned $8.5 billion from textile exports to the EU marking a rise of 19 percent, accounting for 18 percent of the country's total trade turnover.

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